Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.5.0.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Cash flows from operating activities:    
Net income $ 8,614 $ 1,981
Adjustments to reconcile net income to cash flows from operating activities:    
Depreciation of project assets 14,139 12,115
Depreciation of property and equipment 2,300 2,349
Amortization of deferred financing fees 994 850
Amortization of intangible assets 1,793 3,041
Provision for bad debts 5,137 239
Unrealized gain on interest rate swaps (227) (277)
Stock-based compensation expense 1,086 1,367
Deferred income taxes (344) (2,920)
Unrealized foreign exchange (gain) loss (277) 1,324
Changes in operating assets and liabilities:    
Restricted cash (4,592) (2,216)
Accounts receivable (7,136) (5,258)
Accounts receivable retainage (403) (1,501)
Federal ESPC receivable (83,431) (50,555)
Inventory, net (165) (3,347)
Costs and estimated earnings in excess of billings 28,119 (10,792)
Prepaid expenses and other current assets (3,292) (4,039)
Project development costs 838 (4,999)
Other assets (137) (2,807)
Accounts payable, accrued expenses and other current liabilities (1,225) 22,396
Billings in excess of cost and estimated earnings (9,510) 7,329
Other liabilities (2,005) (573)
Income taxes payable 2,348 3,674
Cash flows from operating activities (47,376) (32,619)
Cash flows from investing activities:    
Purchases of property and equipment (2,696) (1,040)
Purchases of project assets (45,205) (29,932)
Proceeds from sale of assets 0 852
Cash flows from investing activities (47,901) (30,120)
Cash flows from financing activities:    
Payments of financing fees (1,266) (1,894)
Proceeds from exercises of options 969 611
Repurchase of common stock (4,451) 0
Proceeds (repayments) from senior secured credit facility, net 7,501 (5,000)
Proceeds from long-term debt financing 7,803 4,584
Proceeds from Federal ESPC projects 65,075 61,846
Proceeds from sale-leaseback financing 17,045 7,581
Non-controlling interest 0 (116)
Proceeds from investment by redeemable non-controlling interest, net 6,456 0
Restricted cash 2,952 (74)
Payments on long-term debt (9,246) (9,051)
Cash flows from financing activities 92,838 58,487
Effect of exchange rate changes on cash (849) 1,746
Net decrease in cash and cash equivalents (3,288) (2,506)
Cash and cash equivalents, beginning of period 21,645 23,762
Cash and cash equivalents, end of period 18,357 21,256
Supplemental disclosures of cash flow information:    
Cash paid for interest 4,956 4,197
Cash paid for income taxes 2,940 1,204
Non-cash Federal ESPC settlement 79,075 26,320
Accrued purchases of project assets $ 15,869 $ 13,241